Closing Bell: Fridayitis as ASX slumps 0.35%, gold still on topsy-turvy ride

• The S&P ASX 200 closed 0.35% lower, while the S&P XEC closed down 0.59% following lead of US markets
• RBR Group signals a restart to the stalled development of the Rovuma LNG mega project in northern Mozambique
• Incannex Healthcare will undertake a loyalty bonus issue of options to eligible shareholders in Australia and New Zealand

The S&P ASX 200 has closed 0.35% lower on the last trading day of the week in line with US markets overnight.  The S&P ASX Emerging Companies index (XEC) – a benchmark for Australia’s micro-cap companies – fell 0.59%.

On Wall Street, the S&P 500 closed 0.6% lower, the Dow Jones fell 0.3%, while the tech-focused NASDAQ lost 0.8%.

It wasn’t all bad news to finish off the week with Six of the 11 ASX sectors in the green today. Leading the winners was energy, which rose 0.70%, industrials was up 0.64%, while healthcare put on 0.56%.

Leading the laggards was materials down 1.40%, followed by financials falling 69% and communication services which lost 0.30%.

Continuing the topsy-turvy ride of gold prices this week the precious metal has slipped again this afternoon trading down 0.46% at ~US$1995/ounce.

On Twitter @UraniumKid reckons some #ASX uranium stocks were looking good.

Man it’s tempting to have a cheeky little Friday shopping spree. $BMN $DYL $BOE#Uranium #ASX #Stocks

— Uranium kid (@UraniumKid) April 21, 2023

FROM THE HEADLINES

Elon Musk’s SpaceX’s Starship rocket has exploded minutes after launching. SpaceX’s 120-meter tall two-stage rocket ship had a debut flight from the Starbase spaceport in Texas.

However, less than four minutes into the flight, the upper-stage Starship failed to separate from the lower-stage Super Heavy, causing an explosion.

Despite the failure, SpaceX officials and its CEO Musk have cheered the successful launch of the integrated Starship and booster rocket. Musk who is also CEO of Tesla and Twitter took to the social medial platform to praise the learnings of the latest launch.

Congrats @SpaceX team on an exciting test launch of Starship!

Learned a lot for next test launch in a few months. pic.twitter.com/gswdFut1dK

— Elon Musk (@elonmusk) April 20, 2023

The Starship is intended by SpaceX to transport individuals and goods to the Moon and, at a later stage, to Mars. Furthermore, NASA has reserved a Starship for its next lunar mission, while wealthy wannabe space travellers have started booking flights for lunar flybys.

Stockhead’s Rob Badman reckons despite the valiant effort maybe Musk shouldn’t name his next rocket after one of the “absolute sh*ttest bands from the 1980s”.

Also making headlines today is a story which could one day be made into a Hollywood movie.  According to The Toronto Sun  gold along with bank notes has been stolen from a highly secured part of Pearson Airport with an estimated value of  CAD$22 million.

At first, reports indicated that the stolen gold weighed 3,600 pounds (~1633kg), equivalent to a value of more than CAD$140 million.

However the Sun reported the stolen amount was slightly above $20 million indicating that the thieves only took a fraction of the entire shipment at the airport.

It’s believed the gold and banknotes were being shipped as part of an intra-bank transaction. Police are apparently providing few details other than the goods stolen were contained in a single aircraft shipping container.

ASX SMALL CAP LEADERS

Here are the best performing ASX small cap stocks:

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Up on the winners today to finish the week off well is labour hire group RBR Group (ASX:RBR) which announced there are positive signs to a restart of its stalled development of the Rovuma LNG mega project in northern Mozambique.

RBR business Futuro Group is experiencing a significant lift in business activity, with engineering recruitment and construction contract enquiries increasing as Total and EPC contractor, Saipem, prepare for imminent restart to the Rovuma LNG onshore facility in Afungi.

“Whilst Total is yet to make an official announcement on the lifting of Force Majeure on the project Saipem executive, Alessandro Puliti has publicly stated that July 2023 is the target for formal resumption of works,” RBR said.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks:

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LAST ORDERS

Medicinal cannabis and psychedelic therapies company, Incannex Healthcare (ASX: IHL) has announced that it intends to undertake a loyalty bonus issue of options to all shareholders with an Aussie or New Zealand address.

For every 15 shares held at 7pm (AEST) on the record date of May 8, 2023 eligible shareholders will be offered one loyalty option for a purchase price of $0.001.

IHL said the loyalty options will have an exercise price 25 cents each, expiring April 30, 2026, and, if exercised, will each result in the allotment and issue of one fully paid ordinary share in IHL.

Junior gold explorer Nagambie Resources (ASX:NAG) has announced it has raised ~$2.3 million from a pro-rata renounceable entitlement offer announced on 16 March 2023 that has closed.

NAG will issue more than 46 million new fully paid ordinary shares and 46 million new options exercisable at 10 cents, with an expiry date of April 26, 2025.

NAG directors took up all of their commitments, totalling ~$250,000, while NAG CEO James Earle also took up all of his entitlement, which the company said demonstrated their strong commitment to and confidence in its projects and targeted future as a major player in western world antimony production.

WORTH A READ – Antimony: One of the most important critical minerals you’ve never heard of 

TRADING HALTS

Carnaby Resources (ASX:CNB) – Pending a capital raising announcement.

BMG Resources (ASX:BMG) – Also pending a capital raising announcement.

Great Northern Minerals (ASX:GNM) – Pending announcement about an acquisition and capital raise.

Antilles Gold (ASX:AAU) – Pending a capital raise announcement.

Nanoveu (ASX:NVU) – Also pending a capital raise announcement.

Corum Group (ASX:COO) – Pending announcement re legal proceeding relating to wholly-owned subsidiary PharmX.

Synlait Milk (ASX:SM1) – To consider new information which may require it to revise previously issued guidance and inform the market.

Greenstone Resources (ASX:GSR) – Pending announcement about a mineral resource update at the Mount Thirsty Project.

Brookside Energy (ASX:BRK) – Pending announcement about Independent Reserves Certification at SWISH Area of Interest along with an on-market share buy-back.

Conico (ASX:CNJ) – Pending announcement on Mt Thirsty resource estimate.